As part of the iPad launch this morning, Apple spent a lot of time going over the features of iPhoto for iPad and iPhone. It's just gone up on the Australian app store, and will cost you $5.49, but right now it's a bit tricky to search for. Almost as soon as Tim Cook announced iPhoto for iOS, the App store went very, very slow, as it got hit by requests for iPhoto. It's up now, but if you search for it (at least at the time of writing) you won't find it; right now these are the apps that you'll find when searching for iPhoto, with or without the capital 'P'.
It is there, though; follow this link and you can pick it up for $5.49. iPhoto is a universal app for iPad and iPhone, and requires iOS 5.1.iPhoto]